Thursday, February 16, 2017

Feb 16 - Still waiting to re-short

I caught a little on the short side but the late day ramp ate up most profit and once again closed them out. I exited GLD/ GDX also as I wasn't impressed by the move considering how much the dollar sold off. Most of the things I am looking at just don't look interesting, either super overbought but not ready to short (I was too early this week and underestimated the strength of the rally) or not overbought and floating above a buy point which would mean I need to wait.

Are going to have a big correction? I don't know but I am leaning towards something btw 2-4% max and a very slow consolidation. Need to see more weakness in the short time frames to short but we might be close.

Things I am eyeing on a pullback are XLE, XOP, CMG, WYNN, GRMN. Might not be feasible until March.

If GLD/ GDX struggles to go up 1-2% more, I will be interested in shorting them again.

1 comment:

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